Electric scooter sales grow 26% in January as Bajaj, Ather jostle behind TVS and Ola

• The Indian electric two-wheeler market has recorded a growth of 26% in January 2024.
• Ola Electric recorded its highest ever monthly sales as it continues to lead the market.
• TVS Motor and Bajaj Auto continue to hold the third and fourth positions respectively.

The electric two-wheeler market in India has reported a year-on-year growth of 26% in January 2024, marking a good start for the industry in 2024. This comes after electric two-wheeler makers recorded a 36% growth in sales in 2023.

The electric two-wheeler industry recorded sales of 81,343 vehicles in January 2024, up from 64,692 vehicles sold in January 2023, marking a 26% year-on-year growth.

Ola Electric continues to lead, records its highest monthly sales

Bhavish Aggarwal-led Ola Electric continues to lead the electric two-wheeler market in India, commanding a market share of nearly 40%. The company recorded its best ever monthly sales in January 2024 at 32,160 units, up from 18,353 vehicles sold in January 2023, recording a growth of 75%.

Ola Electric had become the first company to cross the 30K mark in December 2023 and has broken its own record just a month later.

“It is a phenomenal start to 2024 as our registrations reached an all-time high in January. We believe our strong product lineup, comprising S1 Pro, S1 Air, and S1 X+, will keep the momentum going and encourage more customers to transition to electric vehicles,” said Anshul Khandelwal, chief marketing officer, Ola Electric in a statement.

TVS Motor records strong growth

It’s not just Ola Electric that is performing well. TVS Motor, one of India’s most popular two-wheeler makers sold 15,181 electric scooters under its iQube lineup, occupying a 19% market share in the electric two wheeler market in the country.

The company’s sales have increased from 12,293 vehicles in January 2023 to 15,181 vehicles in January 2024, marking a growth of 45%.

Interestingly, TVS Motor, which already has a well-established manufacturing, distribution and service infrastructure in the country is also expanding the sales of its electric two-wheelers to Nepal and Europe in a bid to further boost its sales.

Bajaj Auto and Ather Energy continue to fight for the third position

In a fight of the old vs new, Bajaj Auto, one of the country’s biggest two-wheeler makers and Ather Energy, one of the first companies to launch a proper electric scooter continue to fight for the third position.

Bajaj Auto sold 10,742 electric scooters in January 2024, up from 9,227 vehicles sold in January 2023, registering a 17% growth.

On the other hand, Ather Energy sold 9,209 vehicles in January 2024, with the company failing to grow its sales.

This is the fourth consecutive month where Bajaj has outsold Ather to grab the third position. In a bid to boost its sales, Ather in January 2024 had announced a price cut of ₹20,000 for its affordable electric scooter, the Ather 450S just five months after it was launched in India.

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